MetalQuest Mining Chairmans Message

Mar 10, 2026

Dear Shareholders and Interested Parties,

The first two months of 2026 were active and productive for MetalQuest Mining as we continued to strengthen the Company through financing, project advancement, portfolio expansion, corporate outreach, and responsible development. We began the year by completing the second and final tranche of our non-brokered private placement, bringing total gross proceeds raised to approximately $1.97 million. We were encouraged by the support shown by investors and believe this reflects growing confidence in MetalQuest’s strategy, management team, and underlying asset base.

We encourage shareholders to read the latest analyst research report by clicking here; UPDATE RESEARCH REPORT.

At our flagship Lac Otelnuk Iron Project in Quebec, we made meaningful progress in further de-risking and advancing one of North America’s largest high-purity iron ore development projects. In January, we amended the royalty agreement on the Project, securing the right to reduce the royalty burden from 2.5% to 1.5% through the issuance of shares, while also retaining a right of first refusal on the balance of the royalty interest. We believe this improved structure enhances long-term flexibility as we continue evaluating development and financing pathways for Lac Otelnuk.

Aerial view of Lac Otelnuk

In February, we announced the completion of a technical gap analysis for Lac Otelnuk by AtkinsRéalis, the lead author of the historic 2015 feasibility study. Importantly, the analysis did not identify any material issues that would prevent the Project from moving forward. Rather, it established a clear and practical roadmap for the next phase of work, including validation of historical geology and QA/QC, mine plan refinement, review of process flowsheet opportunities, logistics optimization, updated ESG and permitting considerations, and refreshed economic analysis. With approximately $120 million in historical expenditures invested in the Project, we believe Lac Otelnuk is increasingly being positioned for its next phase of advancement.

A path forward has been outlined to address the findings and recommendations. The basis of this path forward is the following:

-Address the main points in a logical sequence and avoid spending on engineering before fundamental questions have been resolved

-Strive to optimize the cost (fit for purpose scope and cost for each phase)

-Define a path forward that can best attract potential investors by using a staged approach.

Beyond Lac Otelnuk, we also continued to expand and diversify the Company’s project portfolio. In January, MetalQuest acquired the Fishhook Polymetallic Project in Ontario’s Ring of Fire through staking, adding approximately 22,000 hectares of prospective ground in one of Canada’s most strategic emerging critical minerals regions. This acquisition complements our earlier Ring of Fire land position and provides additional exposure to an area that is attracting increasing government, infrastructure, and industry attention. In addition, in early February, we announced a due diligence period on the potential acquisition of the West Cameron Gold Project in the Kenora Mining District of northwestern Ontario. While still subject to due diligence, the project represents a compelling opportunity to add a gold asset in a well-established mining region with strong infrastructure and nearby development activity.

We also remained committed to responsible development and transparent reporting. During the period, MetalQuest published its third annual ESG/Sustainability Report for 2025, continuing our commitment to environmental, social, and governance disclosure. While activities at Lac Otelnuk during 2025 were primarily technical and desktop in nature, we believe it is important to continue demonstrating disciplined stewardship and transparent communication as we advance our projects.

In parallel with our technical and corporate progress, the first part of the year was also marked by a high level of strategic business development and industry engagement. In early January, my self and Exploration Manager Max Kaczmer travelled to Japan to meet with major mining companies, conglomerates, and trading houses as part of our ongoing efforts to broaden international relationships and explore strategic opportunities related to Lac Otelnuk and our broader portfolio. These meetings were constructive, and we were pleased to be invited back for a second round of meetings in February, reflecting continued interest in our projects and long-term vision.

We also attended the Future Minerals Forum in Riyadh, where we met with various mining companies, investors, and industry professionals from around the world. The forum provided an important platform to strengthen relationships, exchange ideas, and expand our visibility among global mining and capital markets participants. In Canada, MetalQuest also attended and exhibited at the Vancouver Resource Investment Conference, where we had the opportunity to engage directly with shareholders, prospective investors, and industry contacts. Click here to watch my most recent interview with CEO.CA

During the period, Lac Otelnuk also received valuable third-party media exposure. Blair McBride of The Northern Miner published an article on the Project titled, “How Canada’s Biggest Iron Project Is Almost Unknown,” helping bring greater attention to the scale and strategic significance of Lac Otelnuk. That exposure was followed by an invitation to participate in a video interview with Henry Lazenby at PDAC 2026, further supporting our efforts to raise the profile of the Project among industry participants and the broader investment community. Most recently, we attended PDAC 2026, where MetalQuest exhibited and held meetings with a range of stakeholders, further increasing awareness of the Company and supporting our ongoing efforts in financing, corporate development, and strategic outreach.

Interview with the Northern Miner at PDAC 2026

Overall, January and February marked a strong start to 2026. We strengthened our treasury, improved the royalty structure at Lac Otelnuk, completed an important technical milestone on our flagship iron ore project, expanded our exposure to new exploration opportunities, and remained highly active in corporate outreach both domestically and internationally. We believe these steps continue to build a broader and more valuable platform for shareholders, and we look forward to advancing MetalQuest through disciplined execution, strategic growth, and responsible development in the months ahead. The development and exploration plans for the Superior Iron Project and Lac Otelnuk will be released within the next 60 days for the 2026 field season.

Looking Ahead

As we enter March 2026, our focus remains clear:

Follow up on the outlined ‘Go Forward Plan’ in the recently announced Gap Study on the historic 2015 Lac Otelnuk Feasibility Study;
We will maintain active outreach to our shareholders, mine finance groups, major mining and metal trading companies and prospective investors. To broaden awareness and support for MQM’s strategy, we have initiated targeted investor outreach through conference participation and selected third-party marketing partners, including CEO.CA and Stockhouse, as well as sponsorship of WABC radio programming. Management will participate in these broadcasts to discuss MetalQuest Mining’s recent developments and ongoing corporate activities.

We are also finalizing a podcast studio at our field office, which will give management a consistent platform to communicate directly with the market and strengthen our online presence. A company-run podcast allows us to provide timely project and corporate updates in a format that’s easy to consume, explain technical milestones in plain language, and build trust through regular, transparent communication. It also creates an avenue to host guests—such as geologists, engineers, industry partners, finance groups and market commentators—helping broaden our reach, deepen investor understanding, and expand the Company’s network over time.

Thank you to our shareholders, partners, and stakeholders for your continued support. We value your trust, and we remain committed to executing a disciplined plan focused on technical progress, responsible development, and long-term value creation.

We encourage interested parties to set up a meeting with management by sending us an email to [email protected] or giving us a call at +1 613 659 2773.

On behalf of the Board of Directors and Management, we thank you for your continued support and trust in MetalQuest Mining.

Sincerely,

Harry G. Barr

Chairman and CEO

MetalQuest Mining (TSX.V: MQM; OTCQB: MQMIF; FSE: E7Q.F)

Email: [email protected]

Phone: 613-659-2773